(MENAFN - Khaleej Times) The Joyalukkas Group, a Dubai-based diversified conglomerate, is embarking on an ambitious expansion drive that will see the multinational making it presence felt in 100 cities across the globe in three years.
The group, which has gold and diamond jewellery as its flagship business, plans to enter new markets with its UAE-grown global brand as it reinforces its presence in India and the Gulf with more new outlets. Malaysia, Hong Kong and New York are among the new destinations the group plans to open jewellery outlets in the coming months.
Joy Alukkas, chairman of the group, who has been ranked among the super-rich Indians by Forbes Asia, said his next mission is to further expand his business by diversifying into more sectors.
"We are targeting to grow into a 10-vertical conglomerate in three years," Alukkas told Khaleej Times.
At present, the group, a multi-billion dollar conglomerate with operations in nine countries and employs over 6,000 people, also has interests in fashion, silks, money exchange, malls, hospitality, luxury air charter and real estate.
Chalking out the group's growth strategy, Alukkas, who is passionate about his vision of "enhancing people's lifestyle", said one of the focus areas would be the group's fledgling money remittance business. "We are expanding our money exchange business significantly with an ambitious target to make it a 100-outlet operation across the world," said Alukkas, who started his business journey in the UAE by opening his first jewellery showroom in Abu Dhabi in 1987.
Since then, Alukkas has come a long way as he has established 85 jewellery showrooms and ventured out to other profitable business ventures. He said the trust equity of the Joyalukkas brand has prompted the group to venture into the money transfer business.
"Our group has immediate plans to set up nine money transfer outlets in Kuwait and open branches in other GCC countries, including Saudi Arabia, Qatar and Oman. In India, we plan to have 25 more money exchange outlets within two years," he said.
The group's fashion and silks retail chain, now rebranded as Jolly Silks, will also have 10 more outlets. "Our plan is to expand Jolly Silks in Kerala, the UAE and Oman and then move to other parts of India," Alukkas said. The rebranding to Jolly Silks also included a complete make-over of the brand and its product range, he said.
Alukkas, the first entrepreneur to launch a luxury air charter service operation in Kerala, said the charter service has been receiving good response from the affluent and top businessmen.
"Over the next three years, our air charter business will have a five-aircraft fleet offering international destinations as well," Alukkas said. In a move to beef up the real estate business, the group plans to set up exclusive lifestyle communities that offer "middle to upper income groups living environments of their dreams". Also in the pipeline are forays into the hospitality and healthcare sectors.
In jewellery, Joyalukkas, currently ranked among the most dynamic and innovative retailers, will continue to build on its strength by further expanding in India with a total of 40 jewellery outlets by mid-2013.
Alukkas claimed he was one of the first jewellers to take the concept of large format jewellery showrooms to various cities and towns with the slogan "everything under one roof for jewellery lovers".
The Joyalukkas showroom in Chennai has been recognised by the Limca Book of World Records as being the largest jewellery showroom in the world. Joyalukkas also operates the largest jewellery showroom in the Middle East in Meena Bazar, Bur Dubai.
Joyalukkas has been awarded with various awards and recognitions, including "Best Retail Chain of the Year", "Best Showroom", "Middle East Retailer of the Year", Dubai Quality Awards and the Superbrand status for three years in a row. It is also the first jeweller to receive ISO 9001 and 14001 certifications.
As part of the group's commitment to various corporate social responsibility ventures, the next big initiative by Alukkas to set up a 500-bed specialty cancer hospital in Kerala offering state-of-the-art facilities and treatment.